Converge Technology Solutions (TSE:CTS) Downgraded to “Hold” at Cormark

Converge Technology Solutions (TSE:CTS) was downgraded by research analysts at Cormark from a “moderate buy” rating to a “hold” rating in a report released on Friday, Zacks.com reports.

CTS has been the subject of a number of other reports. Raymond James cut their price objective on Converge Technology Solutions from C$6.50 to C$4.50 in a research report on Friday. Canaccord Genuity Group cut their price objective on Converge Technology Solutions from C$6.25 to C$6.00 in a research report on Friday. CIBC cut their price objective on Converge Technology Solutions from C$5.00 to C$4.00 in a research report on Friday. National Bankshares downgraded Converge Technology Solutions from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from C$6.00 to C$4.50 in a research report on Friday. Finally, National Bank Financial downgraded Converge Technology Solutions from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 24th. Six equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Converge Technology Solutions has an average rating of “Moderate Buy” and a consensus target price of C$6.03.

Converge Technology Solutions Stock Down 1.3 %

Shares of CTS opened at C$3.15 on Friday. Converge Technology Solutions has a 52-week low of C$2.67 and a 52-week high of C$6.06. The company has a market capitalization of C$614.88 million, a PE ratio of -3.94, a price-to-earnings-growth ratio of 0.14 and a beta of 1.81. The stock has a fifty day simple moving average of C$4.43 and a two-hundred day simple moving average of C$4.64. The company has a quick ratio of 0.68, a current ratio of 1.00 and a debt-to-equity ratio of 99.08.

Converge Technology Solutions (TSE:CTS) last issued its earnings results on Thursday, August 8th. The company reported C$0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$0.12 by C$0.07. Converge Technology Solutions had a negative return on equity of 33.46% and a negative net margin of 6.10%. The business had revenue of C$651.85 million during the quarter, compared to the consensus estimate of C$645.18 million. As a group, equities analysts forecast that Converge Technology Solutions will post 0.6884058 EPS for the current year.

Insider Buying and Selling at Converge Technology Solutions

In other news, Senior Officer Greg Berard bought 10,105 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was bought at an average cost of C$4.42 per share, with a total value of C$44,684.31. 5.97% of the stock is currently owned by corporate insiders.

Converge Technology Solutions Company Profile

Converge Technology Solutions Corp. provides software-enabled IT and cloud solutions in the United States and Canada. Its solutions approach delivers advanced analytics, artificial intelligence, application modernization, cloud, cybersecurity, digital infrastructure, and digital workplace offerings to clients across various industries.